Pacific Horizon Investment Trust Plc: Results for the Six Months to 31 January 2006

Pacific Horizon Investment Trust Plc: Results for the Six Months to 31 January 2006

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Pacific Horizon Investment Trust Plc: Results for the Six Months to 31 January 2006 PR Newswire LONDON, August 9, 2012 LONDON, August 9, 2012 /PRNewswire/ -- - In the six months to 31 January 2006, Pacific Horizon's net asset value per share rose by 11.1%. The MSCI All Country Far East ex Japan Index rose 13.5% in sterling terms for the same period. Short term gearing was introduced in November, and performance improved towards the end of the period. Earnings per share for the six months were 0.56p compared to 0.54p in the first half of the previous year. As in previous years, no interim dividend will be paid. - Global growth remains high by the standards of the last thirty years and is showing signs of being more broadly based than in the recent past. The Board believe that the immediate outlook for markets in the Asia-Pacific region is favourable. - Past performance is no guarantee of future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets in which the Company invests and by the supply and demand for the Company's shares. You can find up to date performance information about Pacific Horizon Investment Trust PLC on the Baillie Gifford website at http://www.bailliegifford.com.

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Pacific Horizon Investment Trust Plc: Results for the Six Months to 31 January 2006 PR Newswire LONDON, August 9, 2012
LONDON,9, 2012A ugust /PRNewswire/ --- In the six months to31 January 2006, Pacific Horizon's net asset value per share rose by 11.1%. The MSCI All Country Far East ex Japan Index rose 13.5%in sterling terms for the same period.
 Short term gearing was introduced in November, and performance improved  towards the end of the period.  Earnings per share for the six months were 0.56p compared to 0.54p in  the first half of the previous year. As in previous years, no interim  dividend will be paid.  - Global growth remains high by the standards of the last thirty years  and is showing signs of being more broadly based than in the recent  past. The Board believe that the immediate outlook for markets in the  Asia-Pacific region is favourable.  -
Past performance is no guarantee of future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets in which the Company invests and by the supply and demand for the Company's shares.You can find up to date performance information about Pacific Horizon Investment Trust PLC on the Baillie Gifford website athttp://www.bailliegifford.com. Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital growth through investment in the stockmarkets of theA sia-Pacificregion (excludingJapanCompany has total assets of £82.8 million (before). The deduction of bank loans of £7.9 million). Baillie Gifford & Co, theEdinburghbased fund management group with over £44 billion under management and advice, as at2 March 2006, is appointed as investment managers and secretaries to Pacific Horizon. 2 March 2006 PACIFIC HORIZON INVESTMENT TRUST PLC Important Information and Risk Warnings
Past performance is no guarantee of future performance. The value of your investment
The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets in which the Company invests and by the supply and demand for the Company's shares. Investment in investment trusts should be regarded as medium to long-term.
Overseas investment A s the Company invests in overseas securities, changes in the rates of exchange may also cause the value of an investment (and any income it may pay) to go down or up. Gearing The Company has borrowed money to make further investments. This is commonly referred to as gearing. The risk is that, when this money is repaid by the Company, the value of these investments may not be enough to cover the borrowing and interest costs, and the Company makes a loss. If the Company's investments fall in value, gearing will increase the amount of this loss. The more highly geared the Company, the greater this effect will be. Directors' and Baillie Gifford staff interests The staff of Baillie Gifford & Co and the Company's Directors may hold shares in the Company and may buy or sell such
shares. PACIFIC HORIZON INVESTMENT TRUST PLC Interim Report In the six months to31 January 2006Over the same period thethe net asset value per share rose by 11.1% to 97.89p. MSCI A ll Country Far East ex Japan Index rose by 13.5% in sterling terms. There was a marked divergence in performance among the markets in the region during the Company's half year. The best performing market was Korea, which rose by nearly 33%, and, at the other extreme, the Malaysian market fell by more than 3%, both in sterling terms. Thailand andthe Philippineswere also among the better performing markets while Hong Kong,SingaporeandTaiwanmade only modest gains. The performance of regional currencies was also mixed. While most regional currencies rose against sterling, the Taiwanese dollar, theHong Kongdollar and the Malaysian ringgit, all fell. A relatively modest weighting in Korea and lack of exposure to Korean financial companies for most of the period adversely affected performance, as did the Company's holdings in shipping companies, basic materials producers and high yielding Singaporean real estate investment trusts. Towards the end of the period a rally in Chinese andChina-related shares contributed to an improvement in performance. Given that this was a period of high oil prices and rising interest rates in A merica, which remains the most important single market for goods exported from theA sia-PacificThe Chineseregion, the regional economies were remarkably strong. economy in particular continued to confound predictions of a "hard landing" brought about by efforts to curb excessive and speculative investment in various industries and residential property. On the basis of official statistics it did not in fact slow down at all and improved data collection added 17% to the size of the economy by including service sector activity that had previously been uncounted. The Hong Kong economy also continued on its recovery track, helped by trade in services with the mainland. The situation was a little more mixed elsewhere, especially where governments were forced by fiscal constraints to reduce or remove subsidies on petroleum products and central banks had to raise interest rates to prevent an inflationary spiral developing.Thailandmoved first in this respect and so experienced the resulting slowdown in activity before those that moved later, notablyIndonesia. During the six months to 31 January, there were signs that the Thai economy was already past the worst and even inIndonesiathe impact on the economy seems to have been rather less than feared. The performance of the Korean market cannot be attributed to superior economic growth or better than expected earnings for the majority of companies. The most plausible explanation is that a shift of domestic savings into equity instalment funds combined with share repurchases by companies resulted in a shortage of stock which squeezed prices higher and attracted momentum investors who bid up prices further still. The lacklustre performance of the Taiwanese and Malaysian markets can also be attributed in large part to the attitude of domestic investors, though in these cases sentiment towards their own equity markets was resolutely negative. With hindsight it can be seen that the portfolio was incorrectly positioned at the start of the half year and as events unfolded it became clear that changes should be made. The most significant of these was the introduction of gearing through the use of short-term borrowings in November. New purchases were made in Korea,TaiwanandThailandwhich had the effect of increasing the proportion of the portfolio in these markets at the expense of other markets when compared to the distribution of investments at the start of the Company's year. There was very little change in the distribution of the portfolio by industrial classification during the period. Global growth remains high by the standards of the last thirty years and is showing signs of being more broadly based than in the recent past. This should reduce the risks associated with a heavy dependence on apparently insatiable A merican consumers and their demand for imported goods fromA siaas the main driver of economic activity. While imbalances remain in the current and capital accounts of the major nations, and there are signs of an underlying upward pressure on inflation, there is no obvious catalyst for an immediate and sudden adjustment in either economies or financial markets and the immediate outlook for markets in the region appears favourable. By Order of the Board Baillie Gifford & Co
1 March 2006
The following is an interim statement for the six months ended31 January 2006which has been neither reviewed nor audited by the auditors. This statement is being printed and will be sent to all shareholders on10 March 2006will. Copies be available for inspection at the Registered Office of the Company or may be obtained on request from the Managers and Secretaries after that date.
 PACIFIC HORIZON INVESTMENT TRUST PLC  INCOME STATEMENT  (unaudited)  for the six months ended for the six months ended  31 January 2006 31 January 2005  Capital Total  Restated Restated  Revenue Capital Total Revenue [*] [*]  GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000  Realised gains on  investments - 2,277 2,277 - 607 607  Unrealised gains
 on investments - 5,490 5,490 - 8,284 8,284  Currency  gains/(losses) - 140 140 - (220) (220)  Income (note 2) 1,119 - 1,119 939 - 939  Investment  management fee (343) - (343) (271) - (271)  Other  administrative  expenses (102) - (102) (89) - (89)  Net return before  finance costs and  taxation 674 7,907 8,581 579 8,671 9,250  Finance costs of  borrowings (75) - (75) (3) - (3)  Return on ordinary  activities before  taxation 599 7,907 8,506 576 8,671 9,247  Tax on ordinary  activities (167) - (167) (162) - (162)  Return on ordinary  activities after  taxation 432 7,907 8,339 414 8,671 9,085  Return per  ordinary share  (note 3) 0.56p 10.34p 10.90p 0.54p 11.34p 11.88p  Note:  Dividend paid per  ordinary share  (note 4) - -
 - TABLE CONTINUED -
 for the year  ended  31 July 2005  Capital Total  Revenue Restated [*] Restated [*]  GBP'000 GBP'000 GBP'000  Realised gains on  investments - 3,819 3,819  Unrealised gains  on investments - 15,795 15,795  Currency  gains/(losses) - (464) (464)  Income (note 2) 2,384 - 2,384  Investment  management fee (580) - (580)  Other  administrative  expenses (189) - (189)  Net return before  finance costs and  taxation 1,615 19,150 20,765  Finance costs of  borrowings (7) - (7)  Return on ordinary  activities before  taxation 1,608 19,150 20,758  Tax on ordinary  activities (485) - (485)  Return on ordinary  activities after  taxation 1,123 19,150 20,273  Return per  ordinary share  (note 3) 1.47p 25.04p 26.51p
 Note:  Dividend paid per  ordinary share  (note 4) 1.10p
[† ] Various changes in accounting policies, as disclosed in note 1, have had the cumulative effect of increasingreportednet assets by £573,000 for the year ended 31 July2005 and reducingreportednet assets by £207,000 at 31 January 2005.
The total column of this statement is the profit and loss account of the Company. A ll revenue and capital items in the above statement derive from continuing operations. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.
 PACIFIC HORIZON INVESTMENT TRUST PLC  SUMMARISED BALANCE SHEET  (unaudited)
 At 31  January At 31 July  2005 2005  At 31 January Restated Restated  2006 [*] [*]  GBP'000 GBP'000 GBP'000  FIXED ASSETS  Investments 80,796 55,624 66,739  CURRENT ASSETS  Debtors 163 142 636  Cash and short term deposits 2,682 1,182 653  2,845 1,324 1,289  CREDITORS  Amounts falling due within one year  (note 5) (8,748) (745) (577)  NET CURRENT (LIABILITIES)/ASSETS (5,903) 579 712  TOTAL ASSETS LESS CURRENT  LIABILITIES 74,893 56,203 67,451  PROVISIONS FOR LIABILITIES AND  CHARGES  Deferred taxation (21) (17) (77)  74,872 56,186 67,374  CAPITAL AND RESERVES  Called-up share capital 7,649 7,649 7,649  Share premium 965 965 965  Special distributable reserve 13,233 13,233 13,233  Capital redemption reserve 17,964 17,964 17,964  Capital reserve - realised 7,590 2,308 5,276  Capital reserve - unrealised 25,277 12,173 19,684  Revenue reserve 2,194 1,894 2,603  EQUITY SHAREHOLDERS' FUNDS 74,872 56,186 67,374
 NET ASSET VALUE PER ORDINARY SHARE 97.89p 73.46p 88.09p  Ordinary shares in issue (note 6) 76,487,002 76,487,002 76,487,002
 [† ]See note 1.
 PACIFIC HORIZON INVESTMENT TRUST PLC  RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS  (unaudited)
 Six  months to Year to  Six months to  31 31 July  31 January January  2006 2005 2005  Shareholders' funds at 1 August as  previously stated 66,801 47,305 47,305  Prior year adjustments:  Revaluation of investments at bid prices (268) (204) (204)  Reversal of provision of final dividend 841 535 535  Shareholders' funds at 1 August - restated 67,374 47,636 47,636  Total recognised gains for the period 8,339 9,085 20,273  Dividends recognised as distributions in  the  period (note 4) (841) (535) (535)  SHAREHOLDERS' FUNDS AT 31 JANUARY/  31 JULY 74,872 56,186 67,374
 DISTRIBUTION OF ASSETS  (unaudited)
 At 31 At 31  January July  2005 2005  At 31 Restated Restated  January 2006 [*] [*]  % % %  Equities: Hong Kong and China 33.0 27.7 37.7  Korea 19.8 15.7 15.9  Taiwan 13.2 12.5 9.0  Singapore 12.2 15.6 13.6  Thailand 6.8 4.9 4.8  Indonesia 5.8 10.6 7.5  Malaysia 5.3 10.9 8.9  Philippines 1.5 1.1 1.7  Total equities 97.6 99.0 99.1  Net liquid assets 2.4 1.0 0.9  Total assets (before deduction of bank  loan) 100.0 100.0 100.0
 [† ]See note 1.
 PACIFIC HORIZON INVESTMENT TRUST PLC  SUMMARISED CASH FLOW STATEMENT  (unaudited)  Year to  Six months to Six months to  31 July  31 January 31 January  2006 2005 2005  GBP'000 GBP'000 GBP'000  Net cash inflow from operating  activities 809 623 1,502  Net cash outflow from  servicing of finance (3) (3) (7)  Total tax paid - - (205)  Net cash (outflow)/inflow from  financial investment (5,967) 650 (549)  Equity dividend paid (841) (535) (535)  NET CASH (OUTFLOW)/INFLOW  BEFORE FINANCING (6,002) 735 206  Net cash inflow from bank loan 8,031 - - INCREASE IN CASH 2,029 735 206  RECONCILIATION OF NET CASH  FLOW TO MOVEMENT IN NET  (DEBT)/FUNDS  Increase in cash in the period 2,029 735 206  Net cash inflow from bank  loans (8,031) - - Exchange movement on bank  loans 104 - - MOVEMENT IN NET (DEBT)/FUNDS  IN THE PERIOD (5,898) 735 206  Net funds at start of the  period 653 447 447  NET (DEBT)/FUNDS AT END OF THE  PERIOD (5,245) 1,182 653  RECONCILLIATION OF NET REVENUE  BEFORE FINANCE COSTS AND  TAXATION TO NET CASH INFLOW  FROM OPERATING ACTIVITIES  Net revenue before finance  costs and taxation 8,581 9,250 20,765  Gains on investments (7,907) (8,671) (19,150)  Changes in debtors and  creditors 147 82 (34)  Realised currency  profit/(loss) 36 (10) 19  Overseas tax suffered (48) (28) (98)  NET CASH INFLOW FROM OPERATING  ACTIVITIES 809 623 1,502
 PACIFIC HORIZON INVESTMENT TRUST PLC  THIRTY LARGEST EQUITY HOLDINGS  at 31 January 2006
 Market % of  value total
 Name Country Business GBP'000 assets[*]  Construction and  Samsung Corporation Korea trading company 3,475 4.2  Oil and gas  exploration and  CNPC Hong Kong Hong Kong production 3,226 3.9  Petrochina China Integrated oil company 2,922 3.5  Hon Hai Precision  Industries Taiwan Contract manufacturer 2,245 2.7  Pacific Basin Shipping Hong Kong Shipping company 2,100 2.5  Hong Kong Exchanges &  Clearing Hong Kong Stock exchange 2,089 2.5  Taiwan Semiconductor  Semiconductor  Manufacturing Taiwan manufacturer 2,030 2.5  Bumi Resources Indonesia Coal mining 2,024 2.4  Malaysia International  Shipping  Corporation Malaysia Shipping company 2,018 2.4  China Petroleum &  Chemical  Corp. (Sinopec) China Integrated oil company 1,909 2.3  Producer and exporter  of frozen and  Thai Union Thailand canned seafood 1,629 2.0  Wireless  telecommunications  MobileOne Singapore provider 1,556 1.9  Semiconductor  ASM Pacific Technology Hong Kong equipment manufacturer 1,534 1.9  Non-life insurance  Samsung Fire & Marine Korea provider 1,513 1.8  Samsung Heavy  Industries Korea Shipbuilder 1,488 1.8  Beijing North Star China Real estate developer 1,457 1.8  China Infrastructure  Machinery  Infrastructure  Holdings Hong Kong machinery manufacturer 1,405 1.7  Capitaland Singapore Real estate company 1,325 1.6  Thai Oil Thailand Oil refiner 1,302 1.6  IOI Malaysia Diversified industrial 1,266 1.5  Vehicle leasing and  Comfortdelgro Singapore engineering services 1,247 1.5  Stock exchange  Singapore Exchange Singapore services provider 1,219 1.5  Hysan Developments Hong Kong Property developer 1,183 1.4  Industrial materials  Fine Tec Corp. Korea manufacturer 1,172 1.4  Hang Lung Properties Hong Kong Real estate developer 1,166 1.4  Security services  S1 Korea provider 1,162 1.4  LG Korea Holding company 1,159 1.4  Hyundai Engineering &  General engineering  Construction Korea and construction 1,138 1.4  CapitalMall Property  Trust Singapore Property trust 1,113 1.4  Shanghai Electrical Electronic equipment  Group China manufacturer 1,106 1.3  50,178 60.6  All stocks are listed overseas.  [† ] Total assets before deduction of bank loan.
 PACIFIC HORIZON INVESTMENT TRUST PLC  NOTES
 A number of new UK Financial Reporting Standards have been  introduced with which the Company must comply by its 31 July 2006  financial year end. These standards are part of the UK convergence  programme with International Accounting Standards and as such have  required most UK listed companies to restate prior year figures to  reflect the new accounting treatment. The financial statements for  the six months to 31 January 2006 have been prep ared on the basis  of the accounting policies set out in the Company's Annual  Financial Statements at 31 July 2005 except as detailed below:  a) investments have been valued at fair value through profit or  loss in accordance with FRS 26, 'Financial Instruments:  Measurement'. The effect is to move from a mid to a bid basis of  valuation, resulting in a reduction in the value of investments
 and unrealised capital reserves of GBP401,000 (31 January 2005 - GBP207,000; 31 July 2005 - GBP268,000);  b) in compliance with FRS 21, 'Events after the Balance Sheet  Date', dividends declared after the period end are no longer  treated as a liability at the period end. The effect is to reduce  creditors and increase revenue reserves by GBP841,000 at 31 July  2005;  c) the implementation of FRS 21 and the 2005 SORP has resulted in  changes in the presentation of total returns. Previously dividends  paid and payable in respect of a year were disclosed on the face  of the Statement of Total Return and the revenue column of that  statement was deemed to be the profit and loss account of the  Company. We now present an Income Statement which does not show on  its face the distribution in respect of equity shares and whilst  it still shows information on capital and revenue returns it is  the total return column which is regarded as the profit and loss  account of the Company.  The overall effect of these changes on shareholders' funds is  detailed below:  1.  At 31 At 31 At 31 July  January January  2006 2005 2005  GBP'000 GBP'000 GBP'000  Investments/Capital reserve - unrealised (401) (207) (268)  Creditors: dividends  payable/Revenue reserve - - 841  (401) (207) 573  Six  months to  Six Year to  months to 31  31 January 31 July  January  2006 2005 2005  GBP'000 GBP'000 GBP'000  2. Income  Income from investments and  interest receivable 1,119 939 2,384  Other income  Nil Nil Nil  3. Return per ordinary share  Revenue return 432 414 1,123  Capital return  7,907 8,671[*] 19,150[*]  Return per ordinary share is based on the above totals of revenue  and capital and on 76,487,002 ordinary shares, being the number of  ordinary shares in issue during each period.  [*] Restated, see note 1.
 PACIFIC HORIZON INVESTMENT TRUST PLC  NOTES (Ctd)  Six months  Six to Year to  months  to 31 31 January 31 July  January  2006 2005 2005  GBP'000 GBP'000 GBP'000  4. Dividends  Amounts recognised as  distributions in the period:  Final dividend for the year  ended 31 July 2005 of 1.10p  (2004 - 0.70p) paid 17 October  2005  841 535 535  No interim dividend will be declared.  A one year GBP9 million multi-currency facility has been arranged  with the Bank of New York which expires on 6 December 2006. In  addition the Company has a GBP5 million multi-currency loan
 facility with the Royal Bank of Scotland plc which expires on 31  March 2006. At 31 January 200 6 there were outstanding drawings of  HK$55 million (GBP3,989,000) and US$7 million (GBP3,938,000). The  Company had no borrowings at 31 January 2005 or 31 July 2005.  5.  At the Extraordinary General Meeting in April 2001 the Company was  first granted authority to buy back its ordinary shares  (equivalent to 14.99% of its issued share capital at that date).  The authority was renewed at the Annual General Meeting in October  2005. In the six months to 31 January 2006 no ordinary shares were  bought back. As a result, at 31 January 2006, the Company's  authority to buy back shares remains unchanged at 11,465,401  ordinary shares.  6.  The financial information contained within this interim report  does not constitute statutory accounts as defined in section 240  of the Companies Act 1985. The financial information for the year  ended 31 July 2005 has been extracted from the statutory accounts  and restated as disclosed in note 1. Those accounts have been  filed with the Registrar of Companies and contain an unqualified  Auditors' Report and do not contain a statement under sections  237(2) or (3) of the Companies Act 1985.  7.  The Interim Report was approved by the Board on 1 March 2006.  None of the views expressed in this document should be construed  as advice to buy or sell a particular investment.  8.
For further information please contact:
Gerald Smith, Manager Pacific Horizon Investment Trust PLC +44(0)131-275-2000
Mike Lord, Director Broadgate Marketing +44(0)20-7726-6111